Armee Infotech Ltd., an IT infrastructure answers supplier has filed initial papers with capital markets regulator Securities and Exchange Board of India (SEBI) to lift up to Rs 250 crore thru an preliminary public providing (IPO). The IPO of this Gujarat-based corporate is completely a recent factor of fairness stocks, without a offer-for-sale (OFS) part, as detailed within the draft purple herring prospectus (DRHP) filed on Friday.
The proceeds from the IPO, after masking bills, will basically be used for Rs 160 crore to meet the corporate’s running capital wishes, Rs 10.63 crore for repaying remarkable money owed, and the remainder finances will strengthen quite a lot of company wishes. Armee Infotech had Rs 79.8 crore in remarkable borrowings on the finish of April.
The Patel circle of relatives holds a vital 92.72% stake in Armee Infotech, with the remainder stocks owned by way of public shareholders. The corporate, which additionally gives IT-managed products and services, has proven robust monetary efficiency. In the nine-month duration finishing December FY24, Armee Infotech reported a benefit of Rs 24.96 crore on revenues of Rs 560.2 crore, surpassing its whole fiscal 2023 efficiency.
The IT trade is a vital driving force of India’s financial expansion, contributing 7.5% to the GDP in FY 2023, up from 7.4% in FY 2022. In the monetary yr 2023, the corporate’s benefit skyrocketed by way of 393% to Rs 16.6 crore, up from Rs 3.4 crore the former yr. Revenue from operations additionally noticed a considerable build up of 301.6%, attaining Rs 502.7 crore. However, within the fiscal yr finishing March 2022, the corporate’s benefit reduced by way of 9.7% to Rs 3.4 crore from Rs 3.7 crore in 2021, even if earnings grew by way of 19.2% to Rs 125.2 crore all over the similar duration.
According to a D&B document, the IT trade added 3.2 lakh new jobs within the monetary yr 2023 by way of bringing the entire group of workers to 5.72 million. The corporate’s venture portfolio contains the availability and set up of IT {hardware} and instrument, the established order of good school rooms, the set up of virtual infrastructure for public distribution programs, and the digitization of number one agriculture credit societies, amongst different issues.
Khandwala Securities and Saffron Capital Advisors are serving because the book-running lead managers for Armee Infotech’s public factor.
At the top, the proceeds from the IPO will probably be utilized by Armee Infotech to consolidate their monetary place, build up their operational capability and maintain expansion within the aggressive sphere of IT infrastructure.
– Source : IPOWATCH
